In Friday's Asia Papers

12 May 2006 03:07  [Source: ICIS news]

Asahi Shimbun, Japan (online edition)

Front page

 

Annan tells Japan, China and S. Korea to kiss and make up

U.N. Secretary-General Kofi Annan called on Japan, China and South Korea to patch up their differences over perceptions of history, saying it is time to bury the past. "You do not choose your neighbours," Annan said. "You are bound to live together."

 

Foreign ownership limit set for lifting

A bill to allow political contributions from companies owned more than 50% by foreign entities is under review in the Diet. The proposed revision to the Political Fund Control Law, which currently prohibits such contributions, comes at a time of increasing foreign affiliation of Japanese companies. It was submitted by a group of ruling Liberal Democratic Party lawmakers.

 

Business & Industry

 

Audio companies sing along with iPod

Manufacturers of home stereos are getting in tune with the iPod. Despite the reluctance to market peripheral devices that, in effect, support a rival, the companies have little choice. Sales of home stereos are in free fall, while those of Apple Computer's portable digital audio player are soaring.

 

Censured firm faces fight to survive

Despite extraordinary measures planned by ChuoAoyama PricewaterhouseCoopers to recover from the Kanebo accounting scandal, it is not clear whether the company can even survive. In the wake of Wednesday's administrative punishment, the accounting firm could collapse, similarly to Arthur Andersen's effective demise following the Enron Corp. scandal.

 

China Daily, China (online edition)

Front page

 

China seeks 'flexible but stable' forex mechanism

China will continue to improve its currency regime and seek greater flexibility of the yuan while keeping the exchange rate stable at a suitable and balanced level, a Foreign Ministry spokesman said yesterday. He made the remarks after the Bush administration on Wednesday said it would not brand China as a country manipulating its currency for unfair trade advantage.

 

House down payments may rise steeply

The central bank may raise housing mortgage down payments dramatically in a bid to cool down the red-hot property market. The People's Bank of China is mulling over a new mortgage policy to curb housing price hikes; and could raise the amount from the current "20% to 40 or 50%," reported 21st Century Business Herald yesterday, quoting "a well-informed" source.

Business & Industry

 

Japanese business group proposes building ties with China

A major Japanese business group urged yesterday the nation's leaders to improve relations with China in a bid to build a future-oriented relationship. The Japan Association of Corporate Executives, or Keizai Doyukai, said in the "Suggestions on Future Japan-China Relations" that mutual trust and respect between both governments are indispensable to stability and prosperity of Asia and to the world at large.

 

Government urged to quadruple gold reserves

Some Chinese economists are urging the government to quadruple its gold reserves to 2,500 tonne from the current 600 tonne because the country's foreign exchange reserves had become the world's largest, an official industry newspaper reported Tuesday. "China should raise its gold reserves so those reserves can account for 3-5% of the foreign exchange reserves, instead of current 1.3%," the China Gold quoted Liu Shanen, an expert at Beijing Gold Economy Development Research Center, as telling a conference.

 

Taiwan News, Taiwan (online edition)

Front page

 

Chen signs accord during visit to Libya

President Chen Shui-bian signed a memorandum of understanding with senior Libyan officials to establish mutual commercial representation offices and also secured visa-free entry for Taiwanese tourists to Libya during an eight hour "official visit" to Tripoli Wednesday. Chen's plane touched down at the airport in Tripoli at 8:30 p.m. Taiwan time for what was expected to be a four-hour visit but which was extended to seven and a half hours.

 

Groups push for 'women only' rail cars

In two weeks, female railway commuters will be able to utilise "women only" carriages, so they can be free from the worry of being sexually harassed on crowded rush-hour train, a Taiwan Railway Administration official said yesterday. TRA Deputy Director Chen Feng-nan made the pledge in response to requests from lawmakers and women's organizations for such carriages so women can have a safe and comfortable environment.

 

Business & Industry

 

University unveils electronic caregiver

A few years from now, PCs, home appliances, and other electronic devices may be performing the functions of a nanny, teacher, or caregiver. That's what Yuan Soe-tsyr calls "intelligent care" or iCare technology.

 

TSMC reports 43% on-year increase in April sales

Taiwan Semiconductor Manufacturing Co., the world's largest contract chipmaker by revenue, said yesterday its April sales surged 43.7% to NT$27.16bn ($864.03m) compared to the same month last year. TSMC didn't give a reason for the increase. The company posted a revenue of NT$18.9 billion for April 2005.

 

Korea Herald, South Korea (online edition)

Front page

 

Advocaat names squad

With the World Cup just a month away, South Korean coach Dick Advocaat named his World Cup squad of 23 and declared that “our first target is the second round.” There were few surprises in the eagerly-awaited announcement, the main issue of contention being which hero of 2002 the Dutchman would opt for on the right side - Cha Du-ri or Song Chong-gug.

 

US pressures China on N Korea

A senior US diplomat said China must wield greater influence on the North Korean regime, encouraging it to abandon ambitions to acquire nuclear weapons. "It (China) doesn't use those economic ties in the full sense because it's worried about what a collapse in North Korea might do," US Deputy Secretary of State Robert Zoellick said on Wednesday in testimony to the House of Representatives International Relations Committee in Washington.

 

Business & Industry

 

BOK may cut growth estimate

The Bank of Korea said yesterday that external risk factors could slow the pace of the ongoing economic rebound, preventing the central bank from seeking an immediate rate hike. BOK Governor Lee Seong-tae said the central bank may cut its previous economic growth forecast for 2006. The adjusted figures will be released in July.

 

Rice from China, U.S. faces uncertain path

Lee Ok-jung, who runs a Gimpab Nara shop in Ilsan, part of a South Korean fast-food chain, says she never compromises quality, especially the staple dish - rice. This is clearly stated on yellow paper pinned up on the wall of her cozy eatery. "We don't use imported rice and kimchi," it says.

 

Business Standard, India (online edition)

Front page

 

Reliance group market cap crosses Rs2trn

Reliance Petroleum Ltd has taken the Reliance group’s market capitalisation to over Rs2trn. The aggregate market capitalisation of Reliance Industries, Reliance Industrial Infrastructure, IPCL and Reliance Petroleum zoomed to Rs2.01trn. Public sector giant ONGC crossed the landmark figure a few days ago.

 

Red bastions secured, Left seeks bigger role

The Left Front emerged stronger in national politics today after it registered stunning victories in the elections to the West Bengal and Kerala Assemblies. While CPI (M) General Secretary Prakash Karat asserted that the party "looks forward to increased interventions by the Left at the Centre", a statement issued by the CPI (M) Central Committee said, "The election results have strengthened the role of the Left in national politics."

 

Business & Industry

 

RCoVL likely to raise Rs45bn overseas

Reliance Communication Ventures (RCoVL) has informed the BSE that a meeting of equity shareholders will be held on June 3, for considering a scheme of amalgamation of RCoVL and nine other companies, including Reliance Infocomm and Reliance Communications Infrastructure. An EGM will on the same day will also consider the issue of global depository receipts/American depositary receipts, against the existing equity shares of the company where each unit will represent such number of the existing fully paid equity Shares of par value of Rs5 per share as may be decided by the board deposited later on.

 

Air Deccan to break even by `08

Deccan Aviation, the operator of the low-cost carrier Air Deccan, is expected to break even in next two years. "The airline will become profitable with in 18 to 24 months with the help of better yield management," a senior company executive said.

 

Business Times, Singapore (print edition)

Front page

 

S'pore garment suppliers take it on the chin

The textile industry in Singapore is stitching together a new strategy, in the face of strong competition from Hong Kong. One worry is that Sears has closed its Singapore buying office following the company's merger with Kmart. The move is of concern in the textile industry where some fear that the trend for US retailers to consolidate might lead to more of their textile-buying being concentrated in Hong Kong rather than Singapore. The Special Autonomous Region of China is already a much bigger centre for international buying houses and suppliers.

 

Booming Asia witnesses high staff turnover

Asia's booming economies are helping create ever higher staff turnover, but this has not led to big jumps in pay. The higher turnover reflects not just employees jumping from one company to another. Especially in Singapore, many have also taken up job offers elsewhere in Asia.

 

Business and Industry

 

NOL Q1 net profit drops 39% to US$120m

Neptune Orient Lines (NOL), operator of the world's ninth-largest container line, pointed to rising fuel costs and softening freight rates for the 39% drop in net profit for the first quarter this year, its second straight quarter of declining profit. Net profit fell to $120m for its first quarter this year, which ended on April 7, from $195m in the corresponding period last year, in what NOL Group CEO David Lim continues to describe as a 'challenging operating environment'.

 

F&N hints retail Reit will be launched soon

Listed conglomerate Fraser & Neave (F&N) has shed more light on its proposed real estate investment trust (Reit), saying it has submitted an application for its retail property trust to be listed on the Singapore Exchange. The group and its brewery arm, Asia Pacific Breweries (APB), yesterday also announced their results for the second quarter ended March 31.

 

Bangkok Post, Thailand (online edition)

Front page

 

EC isolated over election date talks

The Election Commission has found itself almost isolated, with the former opposition parties and the Constitution Court shunning its invitation to talks on Monday about fresh House elections. Commissioner Prinya Nakchatree said the meeting would comply with the court's suggestion that the commission work with the caretaker government in rectifying the current political problems. While the government's part is to request a royal decree calling a new general election, the EC's role is to discuss the polling date with political parties, he said.

 

Parties row over probe findings

Although caretaker Prime Minister Thaksin Shinawatra is tightlipped on the subject, a senior Thai Rak Thai member yesterday dismissed the findings of the poll-cheating inquiry as groundless and ''in favour'' of the Democrat party. Mr Thaksin quietened down and said: ''It's going to rain. Let's go home or your cameras will get wet'' when prodded by reporters to comment on the findings of a panel set up by the Election Commission. The investigators found that two Thai Rak Thai executives hired small parties to contest the April 2 snap elections and recommended that the Thai Rak Thai party leader should be charged.

 

Business & Industry

 

Chinese to drive growth

The revenue generated by Chinese tourists this year could increase by 30% to reach Baht26bn, according to Kasikorn Research Center. The center said the number of Chinese arrivals would rise to one million from 800,000 last year. Mainland China is one of Thailand's ten largest tourism markets, growing by an average of 9% a year since 1993 - and 20% over the last five years.

 

Etihad raises stakes in airline innovations

Competition on Thai-Middle East routes, in terms of inflight innovations and services, is moving up a notch with the latest offering by Etihad Airways, the national airline of the United Arab Emirates. Etihad will now use a specially designed Boeing 777-300ER featuring the latest innovations - broadband wireless Internet access, sophisticated audio and video facilities and 180-degree flat-bed seats in first and business classes - to operate between Bangkok and Abu Dhabi.

 

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